Schroders Personal Wealth adopts AI-based Aveni Detect platform to transform compliance function

Written on
byChisimdi Nzotta

Aveni, has been selected by Schroders Personal Wealth (SPW) to transform its compliance function. Through the deployment of the Aveni Detect platform SPW will use the latest advances in Natural Language Processing (NLP) to monitor client interactions and produce data-led evidence of compliance.

 

SPW has selected this AI and NLP-based technology platform to sit at the heart of its operating model reflecting its strategic approach to transform how it delivers, monitors and assesses its advice offering and surrounding control environment.  

 

The adoption of the latest advances in generative AI, NLP and large language models will allow SPW to address all areas of the value chain, providing unparalleled risk management and oversight which will help drive material efficiencies and lower its cost to serve. 

 

Ray Milne, Chief Risk Officer at Schroders Personal Wealth said, “At SPW our clients are at the heart of everything we do. Our partnership with Aveni shows our commitment to using technology to ensure the quality of our advice. It will enable us to identify vulnerable and other high risk clients, helping us support them in the best possible way.”

 

The FCA has recently called for companies to invest more in technology to help guarantee that future regulatory requirements are met. This investment from SPW demonstrates its commitment to meeting a data-first approach and shows it to be at the forefront of the advisory community with its use of cutting-edge technology.

 

Joseph Twigg, CEO, Aveni explains, “This partnership is great news for both Aveni and SPW and demonstrates a true shift in the way advice is being offered and assessed. Recent advances in generative AI such as Aveni Detect are set to fundamentally transform the investment industry. Placing AI technologies at the heart of business operating models is no longer a nice to have; it will determine who wins and who loses over coming years. SPW is demonstrating its commitment to remaining at the forefront of the market.

 

“The Aveni team has been recognised by SPW for its unique combination of deep technical capability – through our globally-recognised NLP experts – and the specialist domain expertise across wealth management and financial investment. This collaborative expertise allows us to fully understand the challenges facing the sector and to create the best solutions to ensure customer assurance, compliance and cost-saving.”

 

Aveni Detect has been established as a ‘Machine Line of Defence,’ to analyse all customer interactions and mitigates against a range of risks from conduct and complaints to customer vulnerability. It will meet the data-first requirements being introduced with the new Consumer Duty regulation which comes into effect in July 2023.  

 

About Scroders Personal Wealth
Schroders Personal Wealth is a joint venture between Lloyds Banking Group and Schroders –two of the UK’s largest names in banking and asset management. We were created to help more people across the UK benefit from financial advice. We have the advantage of solid foundations and a strong heritage. But we take a fresh, transparent and personal approach to financial planning. We aim to provide clients with clarity and transparency in everything we do. This includes using technology to explain how long-term financial planning can add value to peoples’ lives; to give people access to information about their financial wellbeing, and to communicate with their adviser when it’s convenient for the client. Our heritage may be 400 years old, but our approach is built for the future.

Other recent posts

featured-image

Demonstrating Consumer Duty Compliance with Technology - Key Takeaways from Aveni’s recent webinar

In our latest Consumer Duty webinar series,”Demonstrating Consumer Duty Compliance with Technology,” Joseph Twigg, CEO of Aveni, sat down with John Liver, Strategic Adviser at Kore and NED at Barclays, and Alan Blanchard, Head...

Humain-in-the-loop

Human in the loop 101: what is it and why is it so important?

Financial services firms have been turning to Natural Language Processing (NLP) solutions to extract valuable insights from vast amounts of unstructured data. But even the most advanced algorithms can’t match the intuition and creativity...

Screenshot 2023-02-15 at 11.53.52

'Dear CEO' letter: The FCA highlights gaps in Consumer Duty Implementation plans

The FCA has sent its ‘Dear CEO’ letters to 8 sectors in the financial services industry, providing guidance on how to effectively implement and embed the Duty. The letter outlines four key components:   ...

Analyst working with computer in Business Analytics and Data Management System to make report with KPI and metrics connected to database. Corporate strategy for finance, operations, sales, marketing.

The top 5 things financial services CROs are prioritising

As the financial services industry continues to evolve, risk and compliance functions are facing unique challenges. At the forefront of this evolution, Chief Risk Officers (CROs) are working tirelessly to ensure that their organisations...

Auto QA

Auto QA - the key to compliance and risk reduction

We’re all aware that Quality Assurance is a critical aspect of managing risk in the financial services industry. Without it, firms would have no idea if they were adhering to regulatory requirements. However, with...

consumer duty resources

5 top RegTech trends Chief Risk Officers need to be on top of in 2023

As we progress into the new year, it’s important for Chief Risk Officers (CROs) to keep an eye on the latest RegTech trends. By adopting the right technologies, CROs can ensure that their organisation...

soundwaves

A quick history of Natural Language Processing 

Natural Language Processing (NLP) is a field of artificial intelligence that involves the use of algorithms, statistical models, and other techniques to analyse, understand, and generate human language. NLP has a wide range of...

pexels-anna-shvets-5325104-min

Aveni’s 2022 Consumer Duty Resources

As the year comes to an end, it’s a good time to reflect on the events of the past 12 months, both the good and the not-so-good. For both the Financial Services industry and...

Female customer support operator with headset and smiling, with collegues at background.

Aveni Detect now available on Genesys AppFoundry to transform Consumer Duty compliance

Aveni Detect is now available on the Genesys AppFoundry ™, a marketplace of solutions offering a curated selection of applications and integrations that elevate customer and employee experiences.   Developed as a ‘Machine Line...